LONDON Abacus Group has paid £1.6million to the Eurodis Administrator in the UK for 'certain intangible assets connected with customer and supplier information'.
Abacus expects to add a proportion of the Eurodis sales in the UK to its own business and has also taken on four ex Eurodis sales staff in the Nordic region engaged in the distribution of display components and has secured distribution agreements in the region with certain display suppliers. The combination of these two former Eurodis business activities is expected to provide Abacus with material new business opportunities in the near and mid-term.
Martin Kent, Abacus Group Chief Executive, said, “We are pleased to have been able to react so promptly to the opportunity offered by the placing of Eurodis into Administration. The former Eurodis business taken on in the UK and the Nordic region, where Abacus will now have critical mass, will be important and should assist Abacus grow its business in 2006.”
The administrators were called in to Eurodis on July 15 following the collapse of merger talks with another distributor, talks which Abacus were keen to distance themselves from.